The Wall Street Journal reports, The Nasdaq briefly topped 3000 for the first time since December 2000, as U.S. stocks opened higher after European banks took more than half a trillion euros from the European Central Bank’s lending facility, and U.S. quarterly economic growth was revised to its highest level in more than a year. Leading the gains were financial and energy stocks. Bank of America rose 1% and J.P. Morgan Chase climbed 1.5%. Weighing on the downside were telecommunications and health care stocks.
The Wall Street Journal also reports, Wall Street cash bonuses for 2011 are expected to have tumbled 14% from a year earlier and will likely hit their lowest level since the financial crisis of 2008, according to a report released by New York State Comptroller Thomas DiNapoli. New York securities firms will pay employees $19.7 billion in cash bonuses, down sharply from $22.8 billion in 2010. Bloomberg reports Apple, the world’s most valuable company, will hold a product event on March 7 in San Francisco, where it’s said to be releasing the third generation of its best-selling iPad tablet computer. After pioneering the tablet market two years ago, Apple is counting on the new model to beat back competition from newer devices running Google’s Android software. The company has sold more than 55 million iPads, generating at least $34.5 billion in revenue. Amazon’s Kindle Fire, which uses Android, emerged as the iPad’s biggest rival over the holiday shopping season last year.
Finally, Wall Street Journal reports, Wall Street’s most high-profile securities firm is being drawn further into the government’s insider-trading investigation. Federal criminal authorities are investigating whether a top Goldman Sachs Group manager, passed inside information about technology stocks to the firm’s hedge-fund clients. David Loeb, a Goldman managing director who acts as a middleman between the Wall Street firm and some of its most important hedge-fund clients, is the latest Goldman official to be investigated in the insider-trading probe.
The Wall Street Journal reports, The Nasdaq briefly topped 3000 for the first time since December 2000, as U.S. stocks opened higher after European banks took more than half a trillion euros from the European Central Bank’s lending facility, and U.S. quarterly economic growth was revised to its highest level in more than a year. Leading the gains were financial and energy stocks. Bank of America rose 1% and J.P. Morgan Chase climbed 1.5%. Weighing on the downside were telecommunications and health care stocks.
The Wall Street Journal also reports, Wall Street cash bonuses for 2011 are expected to have tumbled 14% from a year earlier and will likely hit their lowest level since the financial crisis of 2008, according to a report released by New York State Comptroller Thomas DiNapoli. New York securities firms will pay employees $19.7 billion in cash bonuses, down sharply from $22.8 billion in 2010. Bloomberg reports Apple, the world’s most valuable company, will hold a product event on March 7 in San Francisco, where it’s said to be releasing the third generation of its best-selling iPad tablet computer. After pioneering the tablet market two years ago, Apple is counting on the new model to beat back competition from newer devices running Google’s Android software. The company has sold more than 55 million iPads, generating at least $34.5 billion in revenue. Amazon’s Kindle Fire, which uses Android, emerged as the iPad’s biggest rival over the holiday shopping season last year.
Finally, Wall Street Journal reports, Wall Street’s most high-profile securities firm is being drawn further into the government’s insider-trading investigation. Federal criminal authorities are investigating whether a top Goldman Sachs Group manager, passed inside information about technology stocks to the firm’s hedge-fund clients. David Loeb, a Goldman managing director who acts as a middleman between the Wall Street firm and some of its most important hedge-fund clients, is the latest Goldman official to be investigated in the insider-trading probe.